Following are the necessary checklist before you buy any property:
A. Carefully check the photocopies of all title deeds or parental sale deeds of the property to be purchased (Preferably get it done by an Advocate). One must demand from the eller at the first instance about the title deeds. If there is any loan from the bank, seller will not able to produce the title deeds because title deeds are deposited with the Bank or financial institution.
B. The Vendor title and mutation paper of the property should not be ambiguous and is marketable. Check whether the property is Lease Hold or Freehold. Immovable property is of two types i.e. Freehold and Lease hold. Freehold property bears seller’s exclusive right to transfer title through proper
C. Peoples are buying property due to easy availability of home loan on attractive options given by the Banks. One should be clear that property loan amount is fully paid while buying and should check No-Objection- Certificate (NOC) from bank. Previous encumbrance also include that there is no Legal Case pending before any Court of Law. For this, Public Notice is required to be publish in newspaper.
D. Ascertain the Stamp Duty (Applicable in State), Registration charges, Transfer Fees to be paid on purchase of the property. Stamp Duty may vary from state to state because it comes under state list. For registration of Sale Deed or any other property documents like G.P.A. Agreement to Sell proper stamp duty is required to be paid ,without which sub-registrar will not registered the property due to insufficient Stamp Duty.
E. Checkout the Outstanding payment related to:
• Property Tax.
• Society Charges.
• Maintenance Charges.
• Water and Electricity charges.
F. No objection certificate of various authorities like Society, Income tax Authority, Municipal Corporation. Competent authority under the Urban Land Ceiling and Regulation Act or any other authority.
G. License from Government Authorities is required to build Group Housing Project, Township, and Commercial Project. Check the layout plan, approved building plan. One must check the License certificate issued by authorities preferably by an Advocate. License is issued only after proper due diligence and scrutiny of ownership documents. Without obtaining License, no builder can sell any project. Likewise, building plans also requires sanction from the Government Town Planner.
H. The liability of paying stamp duty is of buyer unless there is an agreement to the contrary.
